How Will Your Divorce Affect Your Small Business?

You and your spouse started a business several years ago in Tampa and it has been a success. You’ve worked as a team to navigate the ups and downs of owning a small business. However, your personal relationship is now in jeopardy due to your spouse’s infidelity. So, you’re about ready to go it on your own but you just don’t know how your separation can impact your business.

Florida is an equitable distribution state so the business you started with your spouse occurred after your marriage. Therefore, the state considers this marital property as opposed to separate property (something you owned before your marriage). As marital property, the general rule is to split this asset or debt evenly.

As a joint owner, you will have to place a value on the business. How do you come to a fair value? If you both agree on a value, then you can move forward. If not, a business appraiser can use a number of methods to determine a value such as:

Adjusted book value—This method uses a formula that looks at the business’s total assets minus its total liabilities.

Comparable sales—If a business similar to yours is for sale, an appraiser can get an estimate of the value by comparing your business to the advertised asking price.

Comparable values method—The appraiser investigates similar operations and appraisers to determine a basis for buying or selling a particular company.

Capitalization of excess earnings—The appraiser combines the adjusted book value with the value of good will, an intangible asset that may produce income in the future.

Joint ownership of a business can complicate a divorce proceeding. Don’t try to go it alone. Call a family law attorney for advice and counsel as soon as possible. Contact us at (727) 531-8737.

How Does Your Firm Help Complex Divorce Cases?

A divorce may involve complex financial questions like business valuations or imputing income for a self-employed or unemployed spouse. Emotional conflict over parenting issues can also make the case exceedingly complex. We help you define what it means to "win" your case and develop a strategy that meets your goals.

What Experiences Does Your Firm Have With High Assest Divorces?

As one of the few Board Certified Family Law experts in Pinellas County, our firm has extensive experience dealing with high asset divorces. We assist in identifying and valuing complex assets. We also understand the need to retain a business or ownership interest undivided as part of the equitable distribution.

Why Does Someone Need an Attorney for Modification?

Divorce decrees regarding alimony, child support or parenting and timesharing are court orders that can only be changed by going back to court and proving that a modification is justified according to legal principles. The other party may oppose the modification, and litigation may be required.

Why Is Your Firm the Best Choice for Legal Issues Concerning Children?

Gary E. Williams is a certified family law mediator as well as a board certified specialist in family law. We work with you and your spouse to create lasting agreements that work for the whole family. If agreement can't be reached, we provide strong, effective representation to protect your rights and your children's best interests.

Disclaimer – The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. The content of this Website may not reflect current legal developments, verdicts or settlements. The Firm expressly disclaimes all liability in respect to actions taken or not taken based on any or all the contents of this Website.